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Kimmel brought up an interesting idea of betting and the two discuss the matter.

"I have a way we can make a lot of money and I'm excited about this and I hope this is something that interests you," Kimmel said.

Using the powers of online gambling he revealed that there are many markets that they can bet on.

Ellen is shocked and replied: "I can bet on things I'll do?"

The pair then discussed various betting options, including what she'll be wearing. To find out what they are and for odds on if 'the best actress winner will cry' watch the video above.

The Oscars host was keen on making someone tear up. She replied confidently: "I can make somebody cry."

Ellen DeGeneres talk betting on Jimmel's show

On last night's show Ellen also presented Kimmel with an Oscar for his unborn baby.

She joked she had taken one of the statuettes to gift to the presenter following the news he and wife Molly McNearney are expecting their first child together.

She said: "You announced on the show that you and Molly are having a baby. Congratulations again. I got you a baby gift. Will it be your first?"

Jimmy looked at the award and said: "It is a heavy baby gift."

Ellen joked: "It is real! They let me take a real - well, they didn't let me - but I took it.

"I was rehearsing across the street. It is like a baby rattle so the child can play with it."

However, Jimmy felt his offspring wouldn't be impressed by the gift.

He said: "I wish the baby had a speech prepared right now... I can't believe how heavy this thing is. The baby is not going to like this at all! We are going to have to have one of those super babies."

Also on the show Ellen said that she won't be wearing Tom Ford at the Oscars this year, she'll be wearing Saint Lauren.

Ford - who was another guest on the ABC show - said he "usually only dresses one woman" for the Academy Awards.